Trying to stay ahead of the market...

[knight5528]

Can some one tell me if there is anything out there that can be added to an MT4 platfoem, that would move the Take Profit margin or line automaticly ahead of the market direction once a trade has been entered? If there is, what is it and how would i get access to it?

 

[dkami]

Not 100% sure what you are looking for but there is such a thing called a trailing stop, I'm not going to go threw how to do it but this youtube video will

 

[knight5528]

Sorry, I'm new at this so i have trouble describing what i am looking for. I'm looking for something that would moove or auto adjust the take profit and the stop loss after the trade has been entered and follow and adjust with the momentum of the market.

Say, I enter the trade on an up trend, set the stop loss and the take profit. The market continues to rise and looks to go beyond the take profit i have set. Instead of exiting at the take profit set, the take profit line automaticly moves maintaining a set distance from the upward candle and adjusts both stop loss and take profit keeping me in the trade like folowing the momentum until the market shifts and hits the stop loss and exits.

I hope I have explained what i am looking for better this time. Again, sorry for being the newbe hear.

 

[Pharaoh]

Automatically adjusting SL with a trailing stop is easy. Moving the TP and SL at the same time will require some sort of additional custom script. If you are just waiting for the momentum to shift and hit SL, then there's no direct need to set a TP number.

 

[FringFX]

seems like knight is looking for an indicator or script. I believe what you are looking for already exist. check out forex factory.

 

[trmonkey]

Thanks dkami!

That helped me too!

 

[Red Herring]

Sorry, I'm new at this so i have trouble describing what i am looking for. I'm looking for something that would moove or auto adjust the take profit and the stop loss after the trade has been entered and follow and adjust with the momentum of the market.

Say, I enter the trade on an up trend, set the stop loss and the take profit. The market continues to rise and looks to go beyond the take profit i have set. Instead of exiting at the take profit set, the take profit line automaticly moves maintaining a set distance from the upward candle and adjusts both stop loss and take profit keeping me in the trade like folowing the momentum until the market shifts and hits the stop loss and exits.

I hope I have explained what i am looking for better this time. Again, sorry for being the newbe hear.

Nice requirement! I do not know whether this exist or not! If MT4 allows it in connection with something else then chances of lose will decline I feel!

 

[Red Herring]

Automatically adjusting SL with a trailing stop is easy. Moving the TP and SL at the same time will require some sort of additional custom script. If you are just waiting for the momentum to shift and hit SL, then there's no direct need to set a TP number.

Good advise, always from Pharaoh.

 

[itkraze]

Theoratical strategies are so many but the real thing is that we make them implement in our trading. There will be things that can only be work out with real experience.

 

[Pharaoh]

In theory , experience doesn't just fall out of the sky. You need some theory, which can be based on the experiences of others or can just be something you came up with, and must test it out to gain that much-needed experience.